Morning, and welcome to OceanPact's earnings call, where we will comment on the third quarter and first nine months of 2023. At this time, all participants are in a listen-only mode. Later, we will have a question and answer session when further instructions will be provided. This conference is being recorded, and the replay will be available at the company's website at ri.oceanpact.com. The slide deck is also available on the company's investor relations website, as well as on the CVM website at www.gov.br/cvm. Before proceeding, we would like to mention that the forward-looking statements that may be made during this conference call relating to the company's business prospects and forecasts are predictions based on the management's current expectations.
These expectations are highly dependent on the macroeconomic conditions, market risks, and other factors. With us today are Mr. Flavio Andrade, CEO, Mr. Haroldo Solberg, VP, Eduardo de Toledo, CFO and IRO, and Adriano Ranieri, Director of the Services segment. They will first comment on OceanPact's 3Q 2023 performance, and later, they will be available to take your questions. Now turn it over, Mr. Andrade. Please, Mr. Andrade, you may proceed.
Good morning, everybody, and thank you very much for your interest in our earnings call to talk about the third quarter of 2023. Thank you very much for spending some of your time here with us. It is with great enthusiasm that I share wonderful results across all segments. Our utilization rate was very good. The services segment also posted very good results. The fact that the services are now in a very strong demand from our clients, and also the focus on the vessel segment, in which we invested a great deal since we restructured OceanPact.
We asked Adriano, who has been in the sector of oil and gas for 28 years, and he was always in charge of our consulting department. Now Adriano is the director of all services units, and that is going to allow us to have greater integration. It is going to allow us to take more advantage of the synergies and also provide better services to our clients. At the same time, Haroldo will be able to focus and dedicate himself to the improvement of the vessel segment, which is where most of our EBITDA comes from and where we invested the most. So Adriano is here joining our call for the first time.
Now let's go to the first slide of the presentation, please, so that we can talk about the highlights of the quarter. As I said earlier, our growth in net revenue increased by 46% year-on-year, and our EBITDA reached BRL 121 million, a growth of 79% year-on-year. The occupancy rate was 89%. As you also know, finished the fourth issuance of debentures. Now to talk about the vessel segment in more detail, I would like to turn it over to Haroldo.
Thank you very much, Flavio. Good morning, everybody. Now I am going to address the main operating highlights in the vessel segment in 3Q 2023. This is the updated map of the occupancy rate in the third quarter. Our occupancy rate was 89%, and there was a two percentage point increase in relation to the second quarter of 2023.
That happened because of the vessel Coral, which operated throughout the entire quarter, and also because we had fewer maintenance interventions. We should also mention that in the third quarter, we had two vessels, Parcel Manuel Luis and Parcel dos Meros, being chartered. We had two operating downtimes with Macaé, Ilha das Flechas, Ilha de São Sebastião, and Rochedo de São Paulo and São Pedro, which you can see in pink on the map. The occupancy rate for the end of 2023 is predicted to reach 86%, in line with our initial guidance. Let's take a look at the breakdown of our occupancy rate of 89%. On the left, you can see that we didn't have any vessels without any contract, and our operating downtime was 7.2%, and we had fewer interventions for maintenance, as I said.
On the right-hand side, you can see that we had 1,891 days, an increase of 4% quarter-on-quarter. In addition to our smaller downtime, we also have a vessel in a contract with Petrobras. Our daily net rate came to BRL 167 due to the new contracts with the Coral and Parcel do Bandolim vessels. Let's talk about the results in the Vessels segment. We finished the quarter with a net revenue of BRL 369.5 million. Our EBITDA in the quarter reached BRL 93 million, a 15% increase quarter-on-quarter, driven mainly by the increase in the occupancy rate and the daily rate. Our EBITDA margin was 29.5%, higher than the 29.1% posted in 2Q 2023. I'd like to turn it over to Adriano Ranieri to talk about the Services segment.
Thank you very much, Haroldo, and good morning, everybody. I'm going to give you some details about the 3Q 2023 results in the services segment. We had a very interesting growth this quarter. In terms of net revenue, our growth reached 33% quarter-on-quarter, and almost 60% higher year-on-year. Our EBITDA was about BRL 28 million, with a 46% growth quarter-on-quarter. The highlights behind such growth include some drills, some emergency drills that happened in the period in our oil spill unit, and also a campaign in a contract with Petrobras. Eduardo, I would like to turn it over to you.
Thank you very much, Adriano, and welcome to our earnings calls. Good morning, everybody. It is a pleasure to join you all again to talk about the consolidated results at OceanPact. As Flavio said in the beginning, we had a very good quarter, a very good performance across all business units, and as Haroldo and Adriano showed you. In terms of revenue, there was a 46% increase year-on-year and 13% quarter-on-quarter.
Even if we exclude the revenue coming from the contract with Reach Subsea, our growth would still be very significant, 29% and 15%, respectively. Our consolidated EBITDA came to BRL 121.4 million. This is the fourth consecutive quarter in which we surpassed BRL 100 million in EBITDA. We are very glad to be able to reach the results that we promised when we started this new cycle of investments. Four quarters, that means 12 months, in which we have delivered superior results. Another highlight is the EBITDA margin. If we exclude the effect of Reach Subsea, we have 30%, actually, margin.
Now OpEx. The growth year-on-year and also quarter-on-quarter was in line with the revenue growth. When it comes to G&A expenses, they have grown slightly more in comparison with the previous quarter. This is related to profit-sharing. In the previous quarter, we did not deliver the results that we wanted, and that impacted our profits. Now we are surpassing expectations, and therefore, we have a higher profit-sharing provision for this year. That is the main reason behind this. Our consolidated CapEx, we reached BRL 133.9 million, and that was highly impacted by the acquisition of Rochedo de São Pedro and São Paulo.
Next slide, please. Now let's talk about our financial performance. As Flavio said, we issued debentures this quarter. It was the fourth issuance. The inflow of that capital, together with the inflow of the capital coming from the partial disposal of the incor assets, led our cash to be at the level of BRL 259.8 million at the end of the quarter. A significant part of the resources or the capital raised, as I mentioned, was used for the payment of the bridge loans that we had taken.
They were also used to fully pay the first debenture. So now we have only two left, and also it was used to acquire the two Rochedo vessels that I mentioned. So finished the quarter with a net debt of BRL 924 million. In the short term, we have only 18% of our total debt. That is our debt profile. Now, I'd like to turn it over back to Flavio so that he can continue the presentation.
Thank you very much, Eduardo. Now, I would like to talk about the coming bids and the backlog. The consumption of our backlog is expected. It is natural since we are executing the contracts that we already have. We consumed about BRL 500 million in our backlog. Toward the end of the quarter, we landed two very important contracts that are not listed here.
First, we won a bid with Petrobras for Abrolhos so that it continue to provide the services that it is already providing, which is mooring inspection. We also won a very strategic contract with Equinor. It is going to be the first subsea base of Equinor outside Norway, and it is going to be used by the company together with our rolling bridge in a very large warehouse right in front of the sea, in a very privileged location. We worked very hard on this contract.
We are very happy that finally we were able to sign that contract after the end of the quarter. So those two contracts will offset the BRL 500 million of backlog consumption that you see here. In our next release, you are going to see that. Also we have the Petrobras bids. Besides renewing and increasing our backlog, we expect to see an improvement in the rates. On the 7th of November, there was a bid for OSRVs, and everything went according to what we had planned. We should have two to three vessels in this bid. Tomorrow we are going to have another one for PSVs, and on the 20th, one for an RSV. Petrobras just announced another bid for a PSV, which should happen on the 24th of November.
We are going to participate in all of them, trying to seize the best opportunities possible so that we can maximize our vessels' rates. Trying to reach the right adjustment CapEx in each case, and we are going to give you more details about that later. When it comes to sustainability and innovation, we made a lot of strides, and we are very happy about them. We materialized an investment in a startup that was created in an incubator, and this startup focuses on weather forecasts using artificial intelligence. This startup had already worked with us in our ocean models with forecasts for currents in which we measure data in our mathematical models. Now we want to do that in weather forecast, and we want to invest in their development. This is a very good partnership for us.
Another very important partnership that we have been considering since our IPO was with Reach Subsea, a Norwegian subsea service company that is very innovative, that develops new tools, and they have a vessel, an unmanned vessel that operates an ROV. This company is public listed in Norway. They received an investment by Wilhelmsen, and they are now building a fully unmanned, actually two fully unmanned vessels to operate ROVs, and we have this partnership with them to offer this solution and other solutions as well here in Brazil. Now, Blue Carbon. For those of you who have been with us for a long time, I'm sure that you have heard us talk about the plantation of mangroves here in the Guanabara Bay.
We planted 13 hectares of seedlings, and now we have a partnership with Repsol Sinopec using their research development and innovation grant to develop a methodology using sensors so that in a scalable way, we can measure the carbon captured in a project for planting mangroves. This project is called Carbono Azul or Blue Carbon. We have already started this project, and now we are monitoring the results. We also went to the state of Amapá in the northern part of Brazil. I was there actually for a few days trying to find solutions and to get to know the region better so that we can protect it as much as possible. If the country decides to explore oil in that region, if it happens, we want to protect it.
The way to do it is to know it as closely as possible. One way to do it is to measure the currents in the region. So we're there to understand how we can install antennas, just like what we did here in the Santos Bay, so that we can measure the currents there in that region. I believe that we said this many times in our earnings calls, the market for vessels and all of the other units is very much in demand right now.
We have a very strong demand from the IOCs and the independent companies. Now we have additional demand from the EPCI companies, the companies that landed contracts for installation for Petrobras, and they need resources. They need vessels as well. Saipem, Technip, Subsea 7, Ocyan, all of those companies need vessels and services, which made our market even more dynamic.
Now, when it comes to our fleet, our focus is always to improve our operating efficiency. Haroldo always mentions that we dedicate all of our efforts to that. Of course, our fleet has to be very good and efficient. Now that we are reaching the end of some contracts, we need to reduce the mobilization time. When a vessel is being mobilized to another contract, we are not making any rates for that vessel, so it is a very important focus for us. When it comes to a strategy, we always want to analyze the best opportunity for value generation in each asset, considering the CapEx and the daily rates that we can get from each vessel.
Small modifications that will give us a higher daily rate or a modification that will give us even higher daily rates, although the vessel will need to be docked for a longer period, or if we want to have a shorter contract to have higher daily rates in a few months. That's what we discuss about in all of our meetings, and that's what I am dedicated to, what Haroldo is dedicated to, and that's what we strive for to optimize our services. That's it on our side, and now we are free to take your questions.
Okay, so let's start the Q&A session. To ask a question, please click the Q&A icon at the bottom of your screen. If you wish to have your microphone enabled to ask your question, please request so in the Q&A field, and your microphone will be activated later when your name is called. You may also submit your questions in writing in the Q&A field. The first question comes from Monique Greco with Itaú BBA.
Hello, good morning. Congratulations on the consistent improvements in your results. I have two questions. The first one is about auctions. Flavio mentioned briefly the auction for RSVs this week, but I would like to know more details about the coming auctions, the number of vessels and daily rates, and what is the position that you want to have in those auctions. Also, if you could share with us an update on the status with the Petrobras legal contingencies. That would be great. Thank you.
Thank you, Monique. Okay, about the auctions. The OSRV auctions that already happened involved 12 vessels, and we believe that Petrobras will take the 12 vessels. Petrobras also established a budget cap. It is not so common for vessels in Petrobras, but they did that for OSRVs and PSVs, and the companies have to post their offers. For this auction, there were 15 offers, and 2 of them are repeated.
So there are only 13 vessels with 15 offers, and Petrobras announced that they're going to hire 12 vessels, and we think it is going to materialize. We have 12 vessels that are very well-positioned, and one vessel, we're not so sure that it is going to be a part of this auction because we have other options for this one. Normally Petrobras asks us to negotiate to get some advantage, and that is when we are going to make our decision. The auction that is going to take place tomorrow, Petrobras said that they are going to take 20 vessels of different types with budget caps as well for each type.
We believe that Petrobras is going to take all the vessels that are offered. We are not so sure about their interest. All of our vessels are operating, and we don't have any vessels that are reaching the maturity of the contract with Petrobras. Our current contracts for PSVs will not be able to participate in this bid because they should be mobilized very fast. If we participate, we are going to take some vessels from other contracts, and we will need to invest some CapEx in them. I cannot give you too many details because this bid has not happened yet. I cannot give you too much color on this.
Now, the vessels that operate the ROVs, while we do have some of those vessels in current contracts with a term ending right before the new contracts begin with Petrobras, so we are going to participate in that bid. We believe that the daily rates will improve significantly as it happened in the past. Coral, for example, went from $25,000 to $40,000. So we believe that similar increases will happen in this auction.
Well, it's not actually an auction. This is a best price bid, and there was no cap. So you can offer your price, and Petrobras has its own budget, and they are going to say whether or not they accept your price, and they will try to negotiate. This is the more common procurement model. Now, about the court assets, I don't think we have big updates here. If Eduardo would like to make any comments about this, please go ahead, Eduardo.
Thank you very much, Monique. Well, our updates on this subject, the two main ones are the Turquoise and Coral, the two main cases. Well, in those two vessels, as we expected, Petrobras is trying to take this claim to the Superior Court of Justice. In the case of the Coral vessel, there is an additional detail that I should mention. The deadline that Petrobras had to try and take this claim to the Superior Court of Justice actually expired. So this claim actually became final and unappealable, and we issued a notice to the market about this. After that happened, Petrobras claimed that it was not subpoenaed in the appropriate fashion by the courts, because what it claims is that the right lawyer was not communicated about this claim.
So it decided to take this claim to the Superior Court of Justice, arguing that the claim did not become final and unappealable because there was this issue with the subpoena. That's what they claim. If the Superior Court of Justice believes that indeed the decision did not, and that Petrobras can appeal, Petrobras is going to present the same arguments that it presented for the Turquoise vessel. We believe that the court, as the lawyers say, we believe that it is going to be solved in one or two months. The court going to decide whether or not this claim can be discussed at the level of the Superior Court of Justice or not. So this is where we stand in those two claims, in those two lawsuits.
Okay, thank you very much.
Now we have a question from Frederico Nobre with Warren.
Good morning, everybody.
Congratulations on the results. My question is related to costs. There was an increase quarter-on-quarter, and I know that part of that is non-recurring and related to Shearwater. Even if we normalize those costs, we have 208 last quarter and a higher amount this quarter. You said that part of that was driven by maintenance inputs, but I would like to know how much of that is non-recurring and what we can expect for the coming quarters.
Because in practical terms, we saw a slight increase of cost as a percentage of the net revenue. Also in terms of SG&A, I wanted to know a little bit more about the bonuses. The results were very satisfactory, and it is part of the game to distribute bonuses. But I would like to know more about the rules and the policy related to this. Thank you.
Eduardo, would you like to take that question?
Yes, sure. Thank you very much for your questions, Frederico. I am going to address the points that you mentioned. The first one is costs. Our EBITDA margin increased quarter-on-quarter. For example, the mooring inspection contract. If we get higher revenue from it means that the vessel worked more, but we have to pay for the fuel, so there is a higher cost related to fuel. There are other issues involved, as Adriano mentioned. For example, the campaigns and the drills for oil spills. There are costs involved in all of those campaigns. So the biggest focus for us is our EBITDA margin, and it increased significantly. Now, when it comes to profit-sharing or bonus, as you called it, and now I am addressing your second question.
Our policy is this: we have a budget that is approved by our board of directors, and according to our budget, we pay bonuses and profit-sharing. Last year, we had so many concerns about our vessels and the new contracts, and because of that, we did not reach our expectations for the EBITDA for the year, so we did not pay any bonuses or very little bonus. Now, for this year, on the other hand, we have results that are more compatible, if you will, with our budget.
The budget that was approved by the board last year, which is also in line with our guidance and what we tell the market. So the bonus this year should be normal, quote unquote. What happened is that last year it was almost symbolic. It was a symbolic bonus. Apart from our EBITDA, there is also a very important issue related to cash flow and CapEx. So those are the main components that affect all. Of course, each business segment has their targets and goals, and we also have individual assessments. So this is how we calculate the profit-sharing bonuses.
Okay. Thank you very much.
If you would like to ask a question, please use the Q&A icon at the bottom of your screen. You can submit your question in writing, or you can ask us to enable your microphone so that you can ask your question. We have a question now from Gustavo Sadka with Bradesco BBI. Please go ahead, Gustavo.
Hello. Good morning. My first question is about the Petrobras bids. You made a few comments about your expectations for those bids, but could you give us more color about changes at Petrobras in terms of conditions and the age of the vessels that they are allowing in these bids? Maybe they loosened up a little bit the requirements for CapEx. My second question is related to recurrence for the fourth quarter.
I do not think the utilization rate should drop too much in the fourth quarter. Would it be a fair assumption to expect that your EBITDA will remain more or less on the same level for the fourth quarter? I also noticed that you have some inflow of capital coming from your contract with Equinor, and that is going to happen again. We are going to see that inflow in the fourth quarter. Should we see any decrease in your services revenue for next year?
First of all, I am going to address your question about the bids. Petrobras has received a number of questions and requests to be more flexible in its criteria in new bids. I think Petrobras has been a little bit more flexible than it used to be, trying to expand the types of offers that it is going to receive. In terms of proportion and technical details and age of the vessels, I believe that Petrobras has been a little bit more flexible. I was actually reading the Offshore Support Journal, and there was an article there saying that the companies that charter vessels need to change their mind criteria, including the age of the fleet. That is already happening in some companies.
When there was no shortage of vessels, companies wanted younger vessels, and they put that in the bids, and that continued for a long time because they would just copy and paste the bids. Now they need to change some of those requirements because there are no new vessels right now in the market with the appropriate technology, regardless of when they were built. They are being accepted all over the world, and it is no different here in Brazil. I think that we are going to continue on that path. To be very straightforward with you, Petrobras is now a little bit more flexible to increase the number of offers, but they also become a little bit more strict in other criteria.
For example, in a certain year, they will accept a vessel, but they include a requirement that forces you to invest some CapEx in that vessel. If there are no vessels that meet those requirements, they will have to launch a new bid with a new rule. It happened in the past. All around the world, people said that PSV 3000 did not have any space in the market, and they will only take PSV 4500, but all PSV 3000 are working right now. Those things will continue to happen. Now, when it comes to services, I think the answer is yes. We had a quarter that was very good because there was a very good campaign at JEL.
You know that when we have water campaigns, the margins are very good, but for a segment campaign, margin is a lot lower, and that had an impact. Maybe in the fourth quarter, the results are not going to be so good as they were in the third quarter. Although the trend for services in the medium term would be a better result. Of course, we have contracts that will still cause us some impact, but we are going to honor those contracts anyway. I think there was also a question about the margins in the vessel segment. Eduardo, would you like to take that one?
Yes. Thank you very much for your questions. Our expectation for the fourth quarter is to be somewhere between our results in the second and the third quarter, a little bit closer to the second quarter. It is true that our expectation is to have a very strong fourth quarter, but not as strong as the third quarter. So we're going to have slightly lower results. In services, as Flavio mentioned, there are some one-off situations that happened this quarter, and our expectation is to have an EBITDA that is similar to the second quarter level in the fourth quarter. That's why we are going to be between the second quarter and the third quarter.
Okay. Thank you very much.
Again, if you would like to ask a question, please click the Q&A icon at the bottom of your screen. You can write down your question in the Q&A field, or you can also ask us to enable your microphone. We have a question sent in writing from João Pedro Lima. He says, "Congratulations on the results. Could you give us more color about the latest OSRV bids and how they contribute to your results?" I apologize, Flavio, João Pedro sent a second question. If you could also comment on the result of the new AHTS bid, that would be great, too. Thank you.
Thank you, João Pedro. The OSRV bid that already happened, the result was not disclosed yet. The brokers have already published the amounts online. So that's all we know, but we don't know the winners yet. They received 15 offers, but with only 13 vessels, and Petrobras said that it is going to take up to 12 vessels. Everybody was able to provide bids within the margins that Petrobras established, and the amounts were very similar. We had amounts of $26,000 up to $31,900 . You asked how that contributes to our results. We included Macaé in that bid with a daily rate that went from $18,000 to $28,000 per day.
Jim O'Brien, which was the one that we built with the funding from the BNDES, we went from a daily rate that was $24,000 to $31,800 . So those are significant increases that are going to contribute greatly to our results. The third vessel also went from $24,000 to $31,800, but it is in 12th place on the list. If they take all 12 vessels, it is going to be included. If not, we're not going to have that vessel in the bid. Now, the bid for the AHTS, I cannot give you any comments about that. I am in Texas right now to participate in an event.
We brought some guys from the Brazilian Environmental Agency and some other operators, and we did a wonderful workshop here in Texas at this conference that is focused on oil spill. We did not participate in the AHTS bid because our vessels of that type, they are all working right now, and we have some options in the international market with vessels that are similar to our vessels. They are sister vessels. But they required a very significant investment to participate in this bid, so we did not participate in it.
We received another question in writing coming from François Boris. Can you give us more detail about the amounts that you have in Petrobras contingencies after the credit assignment?
Yes, I can give you more details about that. The amounts related to this lawsuit that we inherited when we acquired OP, that really depends on some factors. For example, the exchange rate that we have to use in the calculation, if we should use the rate that was in force when the interruption happened, or the exchange rate of the time where we needed to pay for the chartering. All of those issues, depending on how you calculate the amounts, it can vary.
I would say that the total amount in the lawsuits, the total amount of the lawsuits would span from BRL 500 million - BRL 600 million. I believe that we should receive between 70% to 80% of that amount that I mentioned, BRL 500 million -BRL 600 million. That is the overall amount. Of course, there are many details. We could break down this number into commercial issues, but we cannot disclose more details about this. That would be the order of magnitude that I can give to you. I believe that that would be the right range.
Now a question from Leonardo Scarlato. What justifies such a high capital raising cost, considering the recurrence of revenues and the high leverage level that the company has right now? Do you think, is there any space to decrease your leverage level in the coming quarters?
I think when it comes to the cost financing, we needed to raise those funds in the beginning of the year, but we did it in July, and it was a poor moment in the market. We had the issue with Americanas and the debenture market was paralyzed, and that put pressure on our fundraising cost in this debenture. But if you monitor the dynamic of this debenture in the secondary market and we know that the debentures in Brazil don't have high liquidity.
But if you look at how they are being negotiated, you can see a significant reduction in comparison with our issuance cost. So, it shows that our fundraising cost would be a little bit lower, and we benefited from that. We would have benefited from that actually, if it weren't for the issue with Americanas that affected the entire market, including our debenture issuance. When it comes to decreasing our leverage level, I believe that the main movement towards that has already happened. Since the fourth quarter, where we have this new EBITDA level. So, from now onwards, we are going to see a slower decrease in our leverage. I believe that the stronger movement, the stronger part of that process has already happened. It's already behind us.
This concludes the Q&A session. Now I would like to turn it over to the company's executives for his closing remarks.
Well, before I turn it over to you, Flavio, I would just like to make an additional comment. Since this is the last time that we are going to talk this year, our next call will only take place in March 2024. I would like to give you some visibility about 2024. Obviously, as Flavio mentioned, there was a good round of bids for PSVs, and there were significant improvements in the day rates. Of course, we are going to continue to work hard to reap even more benefits in that process. But we still don't know how this process is going to go. There are negotiations that will happen after the bids. There are many opportunities, of course, with the IOCs, the independent companies, and the EPCI companies, so there are many variables to be considered.
We also believe that we are going to have many vessels being taken by Petrobras in those bids. For next year, we believe we will have to prepare for the beginning of those contracts. Petrobras works like that. They have new requirements for new bids, and that requires significant CapEx investment and also a significant period of time to prepare the vessels.
If we are successful in these actions, and we are working very hard on that, and we believe that there are very attractive conditions in these new offers. Our expectation for next year is to have an occupancy rate that would be in line with the first quarter 2023, which was a moment where we had many vessels being mobilized. If we are successful in these bids, our occupancy rate will be similar to what we had in 1Q 2023.
Also, because of those mobilizations, our CapEx volume will also be similar to this year's CapEx. I just wanted to give you some more visibility about what's going to happen next year, because this is the last earnings call in 2023. We are only going to see each other again in March 2024. That's it on my side. That's what I wanted to comment on before I turn it over to you, Flavio.
Thank you, Eduardo. I think it's very important for us to give the market some signals about what's going to happen. Everything we mentioned is what we work very hard every single day to maximize the daily rates, and we focus on improving our operating efficiency. Of course, that includes services, operations, and vessels. We have a sharp focus on quality and safety of our people and operations.
The future shows that we are going to have a very high demand. We believe it is going to happen. There are bids now for Petrobras, and there are contracts that are already in course, so there is a whole service chain getting ready for that, and we participate in that chain in many points. Also, the Equatorial margin, there is a need to get to know that region better. We are the only company that operates the environmental monitoring efforts of Petrobras for eight years now. We are very well-positioned for decommissioning and the offshore wind farms and the Equatorial margin.
As I showed you in my slide about innovation, with that innovation, decarbonization, and remotely operated vessels, all of these things that technology allows us to do, low latency internet connection, allowing us to operate a vessel remotely without having 16 people manning a vessel, or we might reduce the number of people. Also, our Blue Carbon project with nature-based solutions, and also using our knowledge about the sea, leveraging the technical skill of our teams.
All of those things are catching the attention of the entire market and our clients. We are very excited, very optimistic. This is the Ocean Science Decade, according to the UN, for sustainable growth. We participate in several events related to this topic, and we are going to participate at COP28 in Dubai towards the end of this month. There are many important things to happen, and since we are not going to see each other until March 2024, I wanted to convey those messages. Thank you very much. See you next time.
This concludes OceanPact's conference call for today. Thank you very much for your participation. Have a good one.